This week Accenture released several new reports to coincide with our participation in the World Economic Forum Annual Meeting at Davos.
These reports are worth reading in their entirety, but I want to point you to our emerging markets piece which will be of particular interest to insurers entering new markets.
Going beyond the BRICs (Brazil, Russia, India, China) and other countries that tend to get the majority of coverage, our report looks at household income growth in 64 countries to get a clearer view of high-growth markets for the coming decade.
Here is a key graphic that gives you a glimpse of what is covered.
What this graph illustrates dramatically is that, over the next seven years, total household incomes in China and India are forecast to rise by $3.2 trillion and $1.4 trillion respectively. We know, from recent surveys which Accenture has carried out, that this expansion of affordability is, in many cases, accompanied by a growing recognition of the value of life and property insurance and of the need to invest for retirement. This represents a huge opportunity for insurers that are well positioned to meet the needs of consumers in these new markets.
To learn more, download the Fast Forward to Growth Report (pdf; opens in a new window)